Trump administration’s financial ties revealed in new report: suspicious! |
Trump administration’s financial ties revealed in new report: suspicious!
One of the core principles of American government is that the people making the rules shouldn’t be the same people quietly benefiting from them. But new reporting from ProPublica suggests that line is getting harder to see.
The nonprofit newsroom has released thousands of financial disclosure records from more than 1,500 officials appointed during the administration of President Trump. The documents reveal a web of financial ties between senior government officials and the industries they help regulate. And while financial disclosures themselves are not unusual in Washington, ethics experts say the scale — and the loosening of oversight — raises serious questions about conflicts of interest.
Lawmakers and top officials often have access to nonpublic information that can move financial markets, and they also have the power to shape policy in industries where they may still hold financial stakes. That creates the potential for public service to overlap with private profit.
One example involves billionaire investor Steve Feinberg, who is the deputy secretary of Defense. Before entering government, Feinberg ran the private equity firm Cerberus Capital Management. According to the disclosures, several companies owned by Cerberus have already received contracts tied to a massive Pentagon missile defense initiative known as the “Golden Dome for America” — you may have heard of it — a program modeled on Israel’s Iron Dome and expected to cost up to $151 billion.
Feinberg says he divested his stake in Cerberus and is not involved in its operations. The Defense Department also says he does not directly oversee the contracts tied to the project. But ethics documents show he is still allowed to maintain an ongoing financial relationship with the firm for tax, accounting and health services, a connection that could continue indefinitely.
The disclosures also revealed well-timed financial trades by some senior officials. According to ProPublica, certain officials, including Attorney General Pam Bondi, sold securities shortly before markets dropped after tariff announcements. Those officials said they had no insider information at the time. Hmmm.
Another case involves Todd Blanche, now the second-highest ranking official at the Justice Department and formerly Trump’s criminal defense attorney. Disclosure records show he held at least $159,000 in cryptocurrency assets while overseeing decisions that halted investigations into crypto companies. Critics have called it a “glaring” conflict of interest, while the Justice Department says his actions were cleared through proper ethics channels.
Conflicts of interest have long existed in both Republican and Democratic administrations. But experts say the broader shift now is the dismantling of some of the guardrails meant to prevent them. On his first day back in office, Trump rescinded an ethics pledge put in place under Joe Biden that limited how appointees could work on issues tied to former clients. He also removed inspectors general across multiple agencies and the head of the Office of Government Ethics, leaving the office without permanent leadership.
Trump himself has been openly dismissive of concerns about financial overlap between government and private business. Ethics experts say the bigger concern isn’t always a proven violation, it’s the erosion of public trust.
The White House told ProPublica the administration is transparent and that its appointees bring valuable private-sector experience.
But the broader question remains: when the same people writing policy also maintain financial ties to the industries affected by that policy, the public is left wondering whose interests are really being served. And in a democracy, that doubt alone can be as damaging as any proven conflict.
Lindsey Granger is a NewsNation contributor and co-host of The Hill’s commentary show “Rising.” This column is an edited transcription of her on-air commentary.
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